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Gary and Landry are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were: Gary, $138000
Gary and Landry are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were: Gary, $138000 and Landry, $116000. On that date, they agree to admit Neumark as a partner with a one-third capital interest. If Neumark invests $154000 in the partnership, what is Landry's capital balance after Neumark's admittance?
a)$136000
b)$123200
c)$121400
d)$116000
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